Eco is a cryptocurrency that remedies (nearly) all the problems we have with existing cryptos

Garrett Camp hasn’t even turned 40, but he’s already worth $6.3 billion. In a major philanthropic announcement, he has joined Warren Buffett’s “The Giving Pledge” recently and committed himself to donating half his wealth to charity. He co-founded StumbleUpon in 2002 while he was still in graduate school and seven years later co-founded the mega-successful Uber.

Camp is not resting on his laurels and is out instead to leave his imprint on another major domain – cryptocurrency. According to a report in Fortune, Garrett is relatively new to the cryptocurrency game and it was only last year that he invested in his first Bitcoin, 10 Ether and 10 Ethereum tokens via Coinbase. Five months ago, he began toying with the idea of launching his own cryptocurrency.

That plan has reach fruition with a recent announcement that he is launching his own cryptocurrency called Eco. Camp will be issuing one trillion tokens initially. Fifty per cent of these tokens will be issued for free to the first one billion verified humans who sign up for Eco. Twenty per cent will be allotted to universities using verified nodes, ten per cent will go to advisors, another 10 per cent to “strategic partners” and the remaining ten per cent will go to the Eco Foundation which is tasked with building and maintaining the network.

Eco is seeking out chinks in existing cryptocurrencies and plans to remedy them. Currently, the shared ledger system, or blockchain platform, on which Bitcoin users operate are off an anonymous network of volunteers, making it susceptible to attacks and fraud. However, with Eco, the blockchain technology is only managed by verified nodes. That would imply that Eco’s operations aren’t as totally decentralized as say Bitcoin is, but the minimal level of regulation by way of operating off verified nodes means enhanced security.

Also, it aims to be more user-friendly. Eco is building mobile and web apps that will allow users to transact easily. Also, in a bid to counter the tremendous amounts of energy that are required to mine cryptocurrencies like Bitcoin require, Eco seeks to be far more energy efficient in the process of generating tokens and verifying them.

The biggest challenge that Garrett and team have is to convince hundreds of thousands of individuals and merchants to buy into Eco for it to grow into a viable global transaction platform. By giving away the first 50 per cent of the initial one trillion tokens for free, it will help onboard sceptics.

Not long ago, countries like China and South Korea banned ICOs which were being used as a way to raise funds for cryptocurrencies. However, Eco will not be floating an ICO. Garrett is putting together $10 million of his own money to get the project off the ground along with funding from a few partners on his 4-year-old startup, Expa. While Garrett is still crowdsourcing ideas to further refine Eco, the cryptocurrency is expected to be introduced to the market later this year.